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Compliance Training for Financial Institutions in the Faroe Islands

The Faroese financial sector is set to benefit from a comprehensive compliance training course, designed specifically for financial institutions operating in the region. The Corporate Governance for Financial Institutions training program will equip professionals with the knowledge and skills necessary to navigate the complexities of governance, risk management, internal audit, and compliance.

Key Takeaways

  • Gain a deep understanding of corporate governance principles and their application in the Faroese financial sector
  • Learn how to align risk management, internal audit, and compliance functions to achieve effective GRC (Governance, Risk, and Compliance) perspective
  • Develop skills to manage board-level committees and ensure principled performance within your organization
  • Understand the importance of ESG (Environmental, Social, and Governance) considerations in financial decision-making

Course Outline

Day 1: Corporate Governance - Definition, Concept, Rules, Principles, and Added Value

  • Definition and concept of corporate governance
  • Barriers and obstacles to full implementation
  • External and internal parties involved in the governance process

Day 2: Risks of Poor Governance Boards & Poor Strategic Thinking and Planning

  • Role and responsibilities of strategic boards and members
  • Connection between challenges and strategic objectives
  • Developing a strategic planning culture for sustained growth

Day 3: Risk-Based Internal Audit & Risk-Based Compliance

  • Transition from system-based to risk-based internal auditing
  • Risk-based audit methodology and plan development
  • Definition, responsibilities, and goals of compliance
  • Money laundering threats and methods

Day 4: Risk Management - Risk Catalog & Risk Taxonomies

  • Enterprise Risk Management universe, framework, and fundamental concepts
  • Risk control self-assessment and key risk indicators
  • Identifying credit, operational, reputational, legal, and ethical risks

Day 5: Identifying Risks and How to Mitigate It?

  • Risk taxonomies and organizational classification of risks
  • Board’s role in crisis management and beyond

Endorsed Education Provider

GLOMACS is a registered education provider with the National Association of State Boards of Accountancy (NASBA), ensuring that our courses meet the highest standards for continuing professional education.

In Association With

Oxford Management Centre, a renowned training institution, has collaborated with GLOMACS to provide the best training services and benefits to clients. Visit their website to learn more.

Don’t miss this opportunity to enhance your knowledge and skills in compliance and governance. Register now for the Corporate Governance for Financial Institutions training program in the Faroe Islands!